June 9, 2023 – Bank of America Corp DE has reported a drop in its holdings in the shares of Myriad Genetics Inc. According to the company’s latest Form 13F filing with the Securities and Exchange Commission (SEC), the firm has lowered its stake in Myriad Genetics by 7.2% during the fourth quarter. The financial institution now owns only 2,649,251 shares of Myriad Genetics compared to the previous holding of 2,853,903 shares.
Bank of America Corp DE had owned 3.27% worth $38,441,000 as of March-end. This selling has led Bank of America Corp DE to exit from being the top five shareholders in MYGN altogether.
Myriad Genetics Inc is known for discovering innovative molecular diagnostic tests used in diagnosis and management of severe disorders such as cancer and cardiovascular diseases through Diagnostics and other segments. The company specializes in personalized medicine alongside collaboratively developing testing that designs an individual’s risk at developing an illness later on in life.
In recent news, Director Daniel K Spiegelman sold 8,638 shares for $23.01 each resulting in a net transaction value of $198,760.38 on June 2nd remaining with directorial ownership over approximately 40,493 stocks currently valued at over $931k.
COO Nicole Lambert reportedly sold off around $151k worth of stocks i.e., about over six thousand shares at an average price touching $23.48 on March 27th securing ownership over nearly two lac forty thousand securities equivalent to roughly holding value calculated around $5 million suddenly making her depart owning positions over various mutual funds.
Overall this report shows mixed numbers when it comes to insider selling while multiple directors tend to let go off their holdings while simultaneously holding onto positions with Myriad genetics stock dropping twenty-five percent since March-end demonstrating a falling share value indicating possible losses which could be one of the reasons behind this confounding insider selling trend.
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Institutional Investors and Hedge Funds Take Notice of Myriad Genetics’ Potential
Myriad Genetics has caught the attention of many institutional investors and hedge funds recently, as evident from their increased holdings in the company. Royal Bank of Canada raised its position by 29%, while Point72 Hong Kong Ltd grew its shares by a staggering 722.8%. Boston Partners, Exchange Traded Concepts LLC and US Bancorp DE also bought new positions or increased their holdings of Myriad Genetics. These institutional investors and hedge funds now own 99.08% of the company’s stock.
Research reports on Myriad Genetics have shown mixed reviews with The Goldman Sachs Group recently upgrading their rating of the stock from “sell” to “buy,” along with an increased price target to $25. Raymond James also gave Myriad Genetics an “outperform” rating and raised the price objective from $25 to $27. StockNews.com, on the other hand, gave it a “hold” rating.
Myriad Genetics is a molecular diagnostic test developer that focuses primarily on assessing an individual’s risk of developing diseases later in life. Currently trading at $23.26 per share, MYGN has a market capitalization of $1.90 billion with a peer-ratio (P/E ratio) of -12.92 earnings per share.
In its last quarterly report released on May 3rd, Myriad reported a negative net margin of 21.05% and negative return on equity (the amount earned for each dollar invested in equity) of 7.42%. The company generated revenue worth $181 million for Q1 FY2023 against an estimate of $171 million with earnings per share (EPS) missing analysts’ expectations despite showing YoY growth.
Currently, equities research analysts predict that Myriad Genetics will post EPS of -0.63 for FY2023 highlighting the need for further assessment before investment decisions are made. However, given its unique offering focus on diagnostics testing that should help in increasing awareness of health risks, Myriad Genetics’ prospects remain promising.